BOC 3.55% Smart Saver Update And Tips



Please read the disclaimer at the bottom of my blog if you wish to continue with the contents below.

I think I was one of the few who opened the BOC 3.55% Smart Saver Account on the month of its released and so far it has been very rewarding. Besides the $177.50 interest I get monthly, they have also rewarded me with a $100 limited edition cash card:

BOC $100 cash card
From what I know, only a small percentage of users can get this card as it was given to those that credited their salary to the BOC account on the first month of its release. I ended up selling it for $120 on carousell(apparently there are people there who are willing to pay a premium for it).

In addition to that, I realize that I don't need to spend on my BOC Shop credit card(it gives only 5.5% rebate) to get the 1.55% interest. I can instead use the free Great Wall International Debit Card to pay off my other credit cards and as long I pay more than $500 a month, I will be entitled to the 1.55%. This debit card gives a 0.1% rebate for any spending, which means I get an additional 0.1% rebate for paying off my other credit card loans. I use better credit cards like SCB Singpost 7%, DBS live fresh 6%(defunct this month onward) and Amex Imagine now for my daily spending.

I have been sticking to the same philosophy for spending since the beginning. Always maximize your spending rebates using the best credit cards and always pay up on payment date, never ever owe the credit card company. In regards to my new credit cards rebate routine I will talk more about it in my future post.

BOC's ibanking platform needs a bit of time to get use to, but once you get the hang of it, it will be pretty straightforward. After many months of using it I think this account is a great place to store my cash. It gives me $177.50 monthly which means I do not need to rush into an investment position. What I usually do now is, if my cash position exceeds $60k, I will invest the excess into FCL 3.65% or CMT 3.08% retail bonds. But if the market hits the fan like these past few months, I would tend to enter a bigger percentage into STI ETF. To each his/her own.

54 comments :

  1. hi, may i know how you use the great wall international debit card to pay other credit card bill? Is it through their ibanking? Thanks!

    ReplyDelete
    Replies
    1. Hi Le0nekelvin, you can use the AXS app to pay.

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    2. hi, on the AXS app it only indicate DBS/POSB debit card, BOC debit card can use too?

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    3. Click on pay by Mastercard

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    4. thanks hayden for the info. :)

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  2. According to the AXS FAQ:
    "Note: You are not able to pay credit card and loan bills using MasterCard Credit Card as payment mode."
    Source:
    http://www.axs.com.sg/help_axsEstationFAQ.php

    ReplyDelete
    Replies
    1. You can use debit card to pay credit card loans, but you are not allowed to use credit card to pay credit card.

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  3. Hi, may I know if it is confirmed that you have gotten 1.55% interest by paying via AXS? I just called BOC hotline and they said that it is not allowed to pay credit card bill using BOC card.

    ReplyDelete
    Replies
    1. Only the AXS Payment app has this new function

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  4. hi, also where is the button that allows you to pay by mastercard? dont see it

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  5. You can use debit card to pay credit card loans, but you are not allowed to use credit card to pay credit card.

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  6. Hi Hayden

    confused by your comments. You said that the AXS Payment app allows payment by Mastercard debit card. But I am not able to find it. Only see eNets, POSB/DBS debit card and PayLah. Would you be able to provide a screenshot to show how to pay by mastercard debit card?

    ReplyDelete
    Replies
    1. You can try to update your app. I am using the latest AXS Payment app. The new one has the mastercard function.

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  7. Hi Hayden, got it already. just to confirm, have you gotten the monthly interest from BOC by payment via this method?

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  8. thanks. Thats really helpful.

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    Replies
    1. Np cheryl2010, thanks for reading :)

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  9. Hi hayden, i tried to pay the bill using the great wall international debit card using the AXS app. I click pay now, enter the details, it prompt me to enter a verification code, but the bank didn't send me any SMS at all. So is there a need to register the debit card for mastercard securecode or the bank will take care of it? Thanks

    ReplyDelete
    Replies
    1. Hi le0nkelvin,

      You should get an sms when you prompt it for a vericode, I get the sms from them every time. You should contact BOC to check.

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    2. Btw I got the 3 interest credit today. This confirms that my Great Wall debit card $500 payment for my other credit card loan is treated as a card spent.FYI only.

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    3. This comment has been removed by the author.

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    4. This comment has been removed by the author.

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  10. Replies
    1. Np Lazy Singaporean, thanks for reading :)

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  11. When will the 0.1% be credited ?

    Thanks for the post too

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  12. Very good sharing here, Hayden Huang!

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  13. hi Hayden Huang,
    when you pay your credit card by BOC Master Debt card, what does it showed in statement?
    Thanks

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    Replies
    1. Hi SAFE,

      Yes it will be shown in your debit card statement and also on BOC ibanking as your debit card payment deducts your money from your savings account directly(need to wait for a few days to show for BOC)

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  14. i have trouble paying with the great wall debit cc both from axs app and website.. it say transcation declined..

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    Replies
    1. Hi spacecraft, cant be. I have been paying using this card for all my credit card bills. You have to dl the new axs app which has the mastercard pay function.

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    2. Hi hayden, is this method of paying cc bills using boc debit card still allow?

      I checked with bank staff they said no..

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  15. Hi, I would like to ask a question.
    One of the requirement mention was payment of 3 Bills to achieve additional 0.6% interest rate.
    Does Credit card payment through AXS consider as one of the Bills payment ? or do we have to make payment through ibanking to consider as Bills payment ?

    Please assist me with this.
    Thank you very much, your help is very appreciated.

    ReplyDelete
    Replies
    1. Hi Wei Ming, the pay three bills is easy to accomplish. Just pay $5 to three credit cards and you are done. The credit card payment using debit card is to fulfill the $500 credit cad spending.

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    2. Hi Hayden, is there a reason for your stated amount of $5? Is it because $5 is the minimum transaction amount? Or is it just a random number you used in order to illustrate the ease of which the requirement is fulfilled? BOC's website doesn't seem to make any such reference to an amount of $5. Thanks!

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    3. Hi Hayden, what if we do pay bill 3x $5 to 1 same credit card, is this OK or must it be 3 different billing organizations? Thanks!

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  16. Hi,
    Please correct me if I'm wrong but looking at BOC website, it seems that the BOC SmartSavers account comes with both Great Wall International Debit Card and BOC UnionPay Dual Currency Debit Card.
    Given this, wouldn't it be better to use the UnionPay card instead as it gives 0.3% rebate over Great Wall's 0.1% rebate?
    Kindly advise if there are other factors we may need to consider when deciding which card to use.
    Thank you!

    ReplyDelete
    Replies
    1. Hi,

      Choose Great Wall, because it is a mastercard. You can use it to pay your credit card bills and get 0.1% and also meet the $500 requirement.

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    2. Got it! Thanks Hayden :)

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  17. THis is a very good tip! thank you!

    ReplyDelete
    Replies
    1. Np savioursix thanks for reading :)

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  18. hi sir, can use debit card to pay for the family cc bill. does it still count as spending?

    also, any idea if top-up of ezlink card via cc counts as spending for smartsaver?

    ReplyDelete
    Replies
    1. I know the formal counts. The latter I havent tried.

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  19. Top up ezlink using credit card is counted towards card spendings eligible for smartsaver bonus.

    SO far, I have not tried to pay BOC CC using their debit card yet.

    I am going to try paying other bank CC using their debit card this month.

    Hope this method still works....

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  20. Hi Hayden / anyone who may help to advise,

    Please advise if using BOC great wall international debit card (thru AXS apps) to pay the below the bills,
    1) Mobile bill (like Singtel, Starhub etc..),
    2) BOC credit cards bill,

    Will it consider under $500 card spend? Or under 3 bills payment?

    Thanks.

    ReplyDelete
    Replies
    1. Hi it will be considered under the $500 spending.

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    2. Thanks for your reply Hayden.
      Based on this,
      if I SPEND S$ 250 with using my BOC Family Credit Card, and
      PAY S$ 250 the BOC Family Card bill with using my BOC Great Wall International Debit Card (thru AXS apps),
      Both SPEND and PAY are within the same month, should I consider meeting the $500 card spend, and eligible for the 1.55% p.a. bonus interest for that particular month?

      Again, thanks.

      Delete
  21. Hi Hayden,
    I made at least 3 fund transfer to other bank account each month via iBanking. Does this count as 3 Giro payment as well?

    ReplyDelete
  22. Hi,

    I use the BOC Family Credit Card for SGD300 and use the BOC Great Wall International Debit Card (thru AXS apps) to pay my UOB credit card bill of SGD450. But i am not awarded the 1.55% credit card spend bonus.

    Why is this so?

    ReplyDelete
  23. Please advise if using BOC great wall international debit card (thru AXS apps)and bill payment of $5 to pay the below the bills,
    1) POSB credit cards bill,
    2) UOB credit cards bill,
    3) Maybank credit cards bill,

    Will it consider under $500 card spend and 3 bills payment? or it will consider as $500 card spend only as it is the same credit card bill?



    Thanks.

    ReplyDelete
  24. https://e-station.axs.com.sg/AXSOnline/core_adhoc/information.php

    AXS payment
    Use Great Wall Debit Mastercard

    ReplyDelete
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    ReplyDelete